Firms such as Non-Banking Finance Companies (NBFCs), insurance companies, Modarabas, securities brokers, and other licensed intermediaries are included in this decision. Crucially, the directive prohibits these entities from rejecting customer payments made through digital channels.

The broader digitization strategy steered by the State Bank of Pakistan (SBP) is supported and amplified by the initiative. Through the widespread adoption of digital payments, SECP’s move complements efforts to make Pakistan a more transparent, inclusive, and efficient business environment.

Entities are urged to collaborate with banks, microfinance institutions, and electronic money institutions (EMIs) to acquire Raast QR Codes, which are available at no cost.

Similar directives by the Prime Minister’s Office (PMO) are complemented by this enforcement. The installation of Raast QR Codes at all retail outlets nationwide is to be done by August 31, 2025, as per the Prime Minister’s Office. This decision makes digital payment readiness a licensing prerequisite and authorizes penalties for non-compliance.

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As there is a surge in digital transactions, SBP has revised its targets: boosting digital commerce points (including QR codes) from 0.5 million to 2 million, doubling digital banking users to 120 million, and increasing digital transactions from 7.5 billion to 15 billion by FY 2026.

The SECP is paving the way for a transparent and technologically advanced transaction ecosystem by enacting this directive.